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Gedimino 2 XIX

Profitus
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100 %
  • Status funded
  • Goal 100,000 EUR (€)
  • Raised 100,000 EUR (€)
  • Investors 148
  • Interest rate 8%
  • Loan To Value(LTV) 70%
  • Credit Duration 3 month

We present the nineteenth stage of the phased financing project “Gedimino 2”. The funds from this round will be used for the refinancing of the 7th round. The amount collected at this stage is EUR 100 000. This loan will be covered by the proceeds from the sale of the property.

About the project:
Gedimino 2 is a luxury apartment being built in the prestigious part of Palanga, at the intersection of Gedimino Street and Birute Alley. A total of 8 apartments are being developed in the project, along with underground parking and warehouses. The apartments on the second and attic floors have balconies. Attic apartments are designed over two floors. They will have not only balconies but also loggias. Particular attention is paid to well-being in order to ensure maximum privacy for the apartment residents: the formation of hills, higher and denser vegetation, cardboard strip fencing, paths, fountains, exclusive lighting, security systems, and more. The holiday apartments are built using the highest quality materials with durability and ecology in mind.

The aim of the project:
The project owner is developing a luxury apartment project on a 30.36-acre plot at Gedimino St. 2, Palanga. The project envisages the construction of a building in which 8 apartments will be formed. The estimated area of the apartments is 75–110 square meters, and the total area of all buildings will reach 1 461 square meters, including 677 square meters of underground storage, and 784 square meters of the main building. 

Progress of the project:
Since the beginning of the financing of the project, after receiving the building permit, the old building has been demolished, and the soil has been dug and reinforced for the underground parking and warehouses. Currently, an underground parking lot with warehouses is formed, on which two buildings are built. The buildings are fully constructed, the facade insulation work has already been completed, the wooden roof structure is covered, and the windows and their packages have been installed. The building’s cladding and the installation of facade tiles are being completed. Underfloor heating has been installed, the decoration of the staircase has begun, all the planned internal partitions have been installed, and the parking lot has been decorated. Well-being works have started, and preparations are being made for the installation of the fence and corten curbs. The buildings are registered, and their completion rate is 90%. 

The apartments under construction will be sold:
The estimated selling price is EUR 6 500 per square meter. Preliminary contracts worth around EUR
4 020 000 have already been signed. The planned sales revenue for the whole project is EUR 5 400 000. This loan will be repaid with the proceeds from the sale of the project. 

To secure the interests of investors, real estate is pledged with a primary mortgage:
To ensure the interests of investors, the land lease rights with an area of 30.36 acres and two residential buildings with a total area of 1 804,23 square meters are pledged. Also in the first stage, other courtyard buildings were pledged, which are currently being demolished to build a new facility on the plot. The land plot has a building permit issued. According to an independent real estate appraiser, the value of real estate pledged to investors is EUR 4 273 700.

The investment term of this stage is 3 months, this part provides for the exact return date of the investment on 10/05/2023.

The maximum planned amount of project financing: EUR 2 960 000. The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV. Once the maximum LTV is reached, a new valuation of the property will have to be performed, and further stages of the Project financing will be announced and collected only if the set maximum LTV of 70% is not exceeded. LTV at this stage – 57%.

Interest by investment amount:
– From 100 EUR to 499 EUR – 8%
– From 500 EUR to 2 999 EUR – 8.5%
– From 3 000 EUR to 9 999 EUR – 9%
– From 10 000 EUR – 9.5%
Important: investments made separately are not aggregated.

We plan to raise the amount within 7 days, with the option of extending it to 21 days if we do not raise funds.

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